🚗 Do you want to work for Tesla? Too bad.

🌑 Plus, learn what it's like to fall into a black hole

What do you think about lab-grown meat? Or selling (human) eggs? What about privatising autism treatment? Has sports betting been good for the US? I dove into all these (and a scammy investment platform) in yesterday’s WC.

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📰 Market Headlines

  • Stocks varied on Wednesday as investors assessed interest rate signals and new earnings reports for signs of a corporate-led rebound.

    • The Dow notched its sixth straight win yesterday. The S&P 500 ended flat, and the Nasdaq Composite slipped 0.18%.

    • Boston Fed president Susan Collins said it will take longer "than previously thought" to bring inflation down.

  • Stock buybacks soared to their highest level since 2018, with companies announcing share repurchases of over $383 billion in the last 13 weeks.

  • The Biden administration said it’s considering restricting exports of advanced AI models to China and Russia to safeguard US AI.

  • Rep Majorie Taylor Green’s attempt to oust Speaker Mike Johnson was shot down 359 to 43.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

Markets have given up on a June cut. November is now the earliest likely(ish) date.

😱 Fear and Greed Index

🎤 What you said last time

I did not expect this result.

📈 Trends you need to know

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It may surprise you to learn that Congress is nowhere near its all-time lows in terms of public opinion. Approval ratings dipped to 9% in 2013.

🧠 What do you think?

💬 Have your say

Do you approve or disapprove of the way Congress is handling its job?

Login or Subscribe to participate in polls.

📊 Stocks

Get $20 free shares at ​public.com​ using code ALTSCO.

Winners and losers

Earnings, upgrades, and acquisitions

  • New York Times saw Q1 revenue rise 5.9%, beating expectations; shares climbed nearly 4%.

  • Bumble crushed estimates for Q1 revenue; shares surged over 4%.

  • Airbnb fell over 8% after giving weaker-than-expected Q2 guidance.

  • Robinhood reported record Q1 earnings and revenue that topped expectations; shares jumped over 5%.

  • Shopify plummeted 18% after the company gave revenue and profit guidance for Q2 that spooked investors.

  • Fox Corp edged up 1.3% after beating Q3 profit estimates.

  • Arm Holdings gave a Q1 revenue forecast that beat expectations, but its full-year outlook missed estimates, sending shares down 4%.

  • Despite reporting a smaller-than-expected Q1 loss, Affirm shares tumbled 9.5% after the earnings call.

Market movers

  • The "world's largest" direct air capture plant opened in Iceland, aiming to remove 36,000 tons of carbon annually.

  • Intel and Qualcomm said some of their export licenses to China were revoked, with Intel expecting a revenue hit.

  • The US Patent and Trademark Office confirmed another leak of filers' address data, exposing 14,000 applicants' private addresses.

  • Tesla removed all US job postings after Elon Musk's recent layoffs of over 20,000 workers.

Ideas, trends, and analysis

  • The world generated a record-breaking 30% of its electricity from renewables last year.

  • Japan's vacant houses, known as "akiya", have surged to a record 9 million as the country grapples with its declining population.

  • Germany's economy is set to stagnate in 2024, despite a stronger-than-expected start, continuing to trail behind its European counterparts.

🌍 Global Perspectives

  • 🇺🇸 🇮🇱 American President Biden threatened to stop sending weapons to Israel if it proceeds with its assault on Rafah.

  • 🌍 The world experienced its hottest April on record, extending an 11-month streak of record-breaking temperatures.

  • 🇪🇺 The European Commission announced plans to allow exemptions from a proposed ban on "forever chemicals.”

  • 🇦🇺 Australia increased student visa savings requirements and warned colleges about fraudulent recruitment.

  • 🇺🇸🇵🇭 US and Philippine forces sank a mock enemy ship during war drills in the disputed South China Sea.

📊 Crypto

  • Bitcoin slid toward $62,000 as part of a broader crypto market dip.

  • FTX proposed a new reorganization plan to repay creditors 118% of their claims in cash within 60 days of court approval.

  • Wintermute announced it will provide liquidity for Hong Kong's recently launched spot bitcoin and ether ETFs as part of its Asia expansion.

  • NYSE Arca withdrew a filing for Grayscale's futures ETH ETF.

🧠 Errata

📺 What to Watch Today

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt

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